Türkiye's energy chief on Sunday hinted at a potential discovery of an oil reserve in the Black Sea, expressing hope that news on a new find would be shared with the public soon.

"We have ongoing studies in the Black Sea that we believe show signs of oil," Energy and Natural Resources Minister Alparslan Bayraktar said. "Hopefully, we will soon be able to share some good news."

The Black Sea is already home to a reserve that is believed to contain 710 billion cubic meters (bcm) of gas. The Sakarya gas field off the northwestern Zonguldak province was gradually discovered in August 2020.

The output there has reached 4.5 million cubic meters (mcm) per day, enough to meet the needs of 1.8 million homes, since Türkiye started pumping gas into the national grid through a pipeline linked to an onshore processing facility more than a year ago.

Bayraktar highlighted ongoing exploration and production efforts and said drilling activities were proceeding rapidly in the Black Sea.

"We will start the drilling of a new well in the Sakarya gas field. We are hopeful there. We also want to discover oil-focused drilling in our seas," the minister told an interview with public broadcaster TRT Haber.

Türkiye is almost entirely dependent on imports to cover its energy needs, which left it vulnerable to rising costs that surged following Russia's invasion of Ukraine.

Over the years, it ramped up its hydrocarbon explorations in the Black Sea and the Eastern Mediterranean to curb external dependence.

The Sakarya gas field will meet approximately 30% of the nation's annual gas need once the production reaches total capacity. Türkiye's annual gas consumption exceeds 50 billion cubic meters, said Bayraktar.

The Black Sea output is aimed to be lifted first to 10 mcm before reaching 40 mcm in the final phase, enough to supply up to 15 million households.

Bayraktar also touched on the broader context of Türkiye's energy exploration, mentioning continued exploratory drilling in the Mediterranean, in addition to ongoing gas production in the Black Sea.

He reaffirmed the government's commitment to utilizing Turkish vessels for these operations, which became particularly crucial during the coronavirus pandemic.

"We made the discovery in the midst of the pandemic, a time when transportation was halted. It is difficult to do this with rented equipment. It is easier to conduct drilling and exploration operations with our own ships," Bayraktar said.

"We drilled 11 wells in the Mediterranean, but we did not find economically viable deposits. However, this does not mean we cannot achieve it. We will persist with our activities," he added.

"Our top priority in the seas remains expanding drilling and exploring new fields in the Black Sea."

Bayraktar also elaborated on production goals in the Gabar region of the eastern Sirnak province, where Türkiye discovered a large oil reserve in late 2021.

Oil output in the region has reached 42,500 barrels per day (bpd), said the minister. Bayraktar recalled the aim to lift this figure to 100,000 barrels by the end of 2024.

"Without seeing Gabar, it's hard to comprehend the figures," he explained. "Gabar is the culmination of research since 2016, representing a key result in Türkiye's oil strategy. This region, once known for terrorism, has been transformed by our state to facilitate the lives of local residents and bolster economic activities."

The current output that is being made from 37 wells marks a significant increase from 35,000 barrels produced daily across all of Türkiye by the Turkish Petroleum Corporation (TPAO) prior to the Gabar discovery in September 2021, Bayraktar stressed.

The output in Gabar gradually rose from 25,000 bpd in October to 30,000 bpd in December before reaching 35,000 this January.

"By the end of the year, we aim to reach our target of 100,000 barrels. Hopefully, we will see 50,000 barrels, our interim target, in June," said Bayraktar.

The minister underscored the strategic importance of these efforts in reducing Türkiye's current account deficit by utilizing domestic resources.

"From producing 35,000 barrels, we've grown to 105,000 barrels daily across Türkiye – a nearly threefold increase. Türkiye's daily oil demand is 1 million barrels. Today, we have reached the point where we can meet 10% of this demand with our own resources," said Bayraktar.

Works are currently centered around four fields in the region, a figure that Bayraktar said is planned to be increased to 14.

"Drilling has started in some of the other 10 fields, and it is about to start in others. In the Gabar region, our target is 14 fields. If we achieve results in the other fields, we will prepare a game-changing model for the economy," he noted.